

Excess Returns
Excess Returns
Excess Returns is dedicated to making you a better long-term investor and making complex investing topics understandable. Join Jack Forehand, Justin Carbonneau and Matt Zeigler as they sit down with some of the most interesting names in finance to discuss topics like macroeconomics, value investing, factor investing, and more. Subscribe to learn along with us.
Episodes
Mentioned books

Oct 28, 2025 • 39min
The Bond Risk Investors Miss | Nancy Davis on Inflation and Building Robust Portfolios
Nancy Davis, founder and CIO of Quadratic Capital Management, shares her expertise on fixed-income strategies. She explains how most investors are unknowingly short volatility, impacting their bond portfolios. Nancy delves into the unique structure of her ETFs, IVOL and BNDD, which aim to hedge against inflation and interest-rate shifts. She critiques traditional inflation hedges like gold and highlights alternative signals for gauging inflation expectations. Tune in for eye-opening insights on managing hidden risks in conventional investments.

34 snips
Oct 27, 2025 • 1h 1min
The 40 CAPE Conundrum | Meb Faber on What High Valuations Mean for Markets
In this engaging conversation, Meb Faber, an investment manager and author, explores the current landscape of high U.S. valuations and their implications for future returns. He emphasizes the importance of diversification, including international value stocks and real assets, as well as the role of trend following and managed futures as diversifiers. Meb also delves into AI's potential in investing, behavioral traps around performance chasing, and the long-term resilience of value investing. Don't miss his insights from 400 years of market history and a preview of his upcoming book, Time Billionaires.

11 snips
Oct 26, 2025 • 59min
Everyone Feared Recession. His Data Said Otherwise | US Bank CIO Eric Freedman on What It Says Now
Eric Freedman, Chief Investment Officer at U.S. Bank Wealth, shares his data-driven approach to investing and why he maintains optimism about the U.S. economy. He discusses the importance of controlling what you can in investment decisions and how consumer resilience has impacted forecasts. Freedman also tackles inflation trends, the Fed's challenges, and the significance of global diversification. Additionally, he explores the reality of artificial intelligence in investment and advises on risk management and disciplined investing.

Oct 25, 2025 • 1h 2min
Most Never Escape Stage 3 | Rick Ferri on the Education of an Index Investor
Rick Ferri, founder of Ferri Investment Solutions and host of the Bogleheads on Investing podcast, shares invaluable insights on index investing. He discusses the four stages of an index investor's education, from confusion to clarity. Rick highlights why macro forecasting often fails and emphasizes the importance of simplicity in portfolio management. He advocates for international diversification and explains how behavioral discipline outweighs complex strategies. Lastly, he offers sage advice for young investors to embrace low-cost indexing and stay disciplined.

6 snips
Oct 24, 2025 • 1h 6min
Investing in a Liquidity Dominated Market | Remi Tetot
Remi Tetot, known as “The Mad King,” is a macro strategist who dives into the evolving market landscape shaped by liquidity and fiscal dominance. He discusses how liquidity has overtaken fundamentals, the desynchronized global economic cycles, and housing's potential to restart the business cycle. Remi also explores crypto's maturation, why narratives now drive asset prices, and the implications of AI on human capital. He emphasizes the need for investors to adapt to these shifts while staying mindful of behavioral trends.

57 snips
Oct 22, 2025 • 1h 5min
The 4% That Drive All Returns | Larry Swedroe on What You're Getting Wrong About the S&P 500
Larry Swedroe, an expert in evidence-based investing and author, delves into the current landscape of investing. He reveals that only 4% of stocks account for long-term equity returns and discusses the significant risks of tariffs and immigration on inflation. Swedroe cautions against overconfidence in stock selection, using past tech booms as a warning. He advocates for building anti-fragile portfolios and offers insights on AI's uncertain impact on productivity. Overall, he emphasizes the necessity of diversification and understanding market dynamics.

12 snips
Oct 21, 2025 • 59min
The Regime Change No One Sees | Adam Parker on Why Valuations Are Lying to You
Adam Parker, Founder and CEO of Trivariate/Trivector Research and a former Morgan Stanley strategist, dives into the dynamics of modern markets. He argues for a long-term bullish outlook on U.S. equities, predicting the S&P 500 may hit 10,000 by 2030. Discussing major risks, he highlights hyperscaler capital expenditures and AI-driven unemployment. Parker contrasts today’s market with the dot-com bubble, emphasizing why traditional valuation methods now fail. He emphasizes structural advantages in U.S. innovation and practical advice for long-term investors.

57 snips
Oct 19, 2025 • 1h 2min
The Bear Stearns Moment | Ben Hunt on How Private Credit Unravels
Ben Hunt, founder of Epsilon Theory and Persean, dives into the hidden perils of private credit and its alarming parallels to the shadow banking system that sparked the 2008 crisis. He likens financial betrayals to Tessio from The Godfather, highlighting how broken trust can trigger systemic crises. The discussion reveals risks tied to opacity and hidden leverage, emphasizing how small defaults can cascade into larger issues. Ben also introduces innovative narrative-tracking tools that offer real-time insights into market dynamics and evolving investor behavior.

30 snips
Oct 17, 2025 • 55min
The Case That We Are in the Early Stages of an AI Bull Market | Gene Munster and Doug Clinton
Gene Munster, a veteran tech investor, and Doug Clinton, founder of Intelligent Alpha, dive into AI's booming potential. They discuss why AI is in the early stages of a bull market and its transformative effects on jobs and markets. Topics include the impact of AI on corporate profitability, Doug's unique framework for future job roles, and the advantages of AI in portfolio management. They also explore competing AI model providers, energy considerations for AI growth, and the long-term prospects for tech giants like Apple and Tesla.

9 snips
Oct 16, 2025 • 1h 5min
Buffett, Sun Tzu and the Ancient Art of Risk Taking | Tobias Carlisle
Tobias Carlisle, founder of Acquirers Fund and author of The Acquirer's Multiple, delves into the rich interplay between investing and the timeless strategies of Sun Tzu. He highlights how Buffett’s acquisitions, like General Re and his massive stake in Apple, exemplify victory without conflict. The discussion reveals key concepts like via negativa—succeeding by avoiding mistakes—and the importance of temperament over intellect. Carlisle also emphasizes simplicity in investing, the merit of patience, and Buffett's strategic approach to the Japanese market.


